A corpany purchases new equoment for $48,000 cash on August 1, 2024. At the time of purchase, the equipment is expedtad to be used in operatons for four years (48 months) and have no resale or scrap value at the end of the four years The compan deprecales the equipmenl evenly over the 48 months (\$1,000/month). Pecurd the adising erty lor depreciation on December 31, 2024. (If no entry is required for a transaction/event